Marsh, a global insurance broker, has developed a new metals insurance product that will provide up to $1bn of cover, helping to ensure that firms have sufficient cover.
The new policy offers protection for precious and base metals whist in transit or in store globally, plus related plant, machinery and equipment.
The metals insurance product has been designed specifically to address the needs of financial institutions, metals and mining companies, metals traders, refineries, transporters and storage companies.
The insurance product covers ‘all risks of physical loss or damage’ and includes employee theft, theft and mysterious disappearance, political risks and advanced loss-of-profit coverage.
Marsh London Specie Practice head Philip Turner said that Marsh’s new metals insurance product provides additional peace of mind to anyone connected to the precious and semi-precious metals industry, at a time of high price volatility.